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Babcock 9-month Underlying Operating Profit, Revenues Down; Says Outlook Uncertain

Aerospace and defence company Babcock International Group Plc. (BAB.L) Friday said that for the nine months year to date period, underlying revenue was 3.40 billion pounds, down 3% on last year excluding disposals and FX. Underlying operating profit was 202 million pounds, down 34% excluding disposals and FX.

The company said the trading in the third quarter continued to reflect the challenges of the first half, with weakness in civil aviation businesses and a negative impact from COVID-19.

Order intake for the nine months was 3.1 billion pounds with the company's order book standing at 16.8 billion pounds as of December 31, down from 17.6 billion pounds as of March 31.

Looking ahead, the company said, "Uncertainty remains around the outturn for this financial year, especially given that our fourth quarter is historically our strongest and that the COVID-19 situation has worsened in most of our markets. Given this uncertainty, and the start of our review of contract profitability and balance sheet, we continue not to provide financial guidance for this financial year."

Regarding the review of its strategic priorities, the company said the work is now well underway. The focus throughout the review will be on cash delivery, being a strategic partner to the UK Government, international growth, driving innovation across the Group, and transforming ESG and people agenda.

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